Common questions relating to Intelligent Finance transfer of equity
- I already have a mortgage with Intelligent Finance and am retaining my existing mortgaging but wish to have it in my name only so my ex will no longer be on the deeds. How long does the whole transfer of equity process take?
- I am led to believe we would need at least AP1 and TR1. Is this true?
- What should I be budgeting for when it comes to what legal fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Intelligent Finance - and have been quoted £350 plus VAT by Intelligent Finance's appointed conveyancer, Is this is a good price or not?
- When it comes to transfer of equity conveyancing involving refinance with Intelligent Finance should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- I am in the process of removing a name from a joint mortgage and the Intelligent Finance need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Heathfield
conveyancer to deal with the transfer of equity? They need to be on the Intelligent Finance conveyancing panel.
- My ex-wife and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Intelligent Finance. I I am fearful of by bill escalating out of control but with lots of conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
- I plan to remortgage my flat in Witham
moving from Barclays to Intelligent Finance. The flat is jointly owned but intend for it to be in my sole name once I remortgage. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
Information that may be required from your lawyer could ask in relation to your Intelligent Finance Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please give the details of anyone to be added to the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
General Advice to read in supplemental the above Intelligent Finance transfer of equity Info :
Tax and Legal
There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back
what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects
lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.
Preparing the Transfer of Equity with a Intelligent Finance Mortgage
When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable
if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’
On form AP1, your conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Content on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.